Hedge Fund Manager Looking for New Turtles

A top hedge fund trader is looking for 10 apprentices to work alongside him, using his capital and learning his proprietary trading system.

The challenge mimics a legendary experiment in the hedge fund history when Chicago trader Richard Dennis set out to prove successful trading can be taught to anyone who simply followed his system. Dennis ran an ad in the New York Times in the 1980s to attract apprentices, who were called “The Turtles.” Many of them had no previous experience in investing, and included actors, security guards and blackjack players. However, Dennis proved his point. After four years, his fund was up $175 million on his initial investment. His most successful Turtle was a 19-year-old named Curtis Faith, who reportedly made $31 million in profits on an initial $1 million stake, according to a story published by PRWire.

This time, Mike Baghdady, a well-known authority of stock market price behavior, is putting his own capital at risk with a similar program. A lucky 10 apprentices will be chosen to trade for him, using his systems, for a full year, and they get to keep a percentage of the profits.

Baghdady has supposedly developed 21 rules for successful trading and the only investing system to be based on price behavior (which exploits trends and behavioral psychology). Financial institutions such as Deutsche Bank and ING use his trader-training software.

“Because the Price Behavior system is completely rule-based and captured in proprietary software, it can be used as the foundation to accelerate the training of novice traders,” Baghdady said.

All apprentices will study the three courses Training Traders offers, including the Foundation in Technical Trading, Day Trading and Long Term Trading. They will also be taught how to use the Training Traders software to support the rules and methods it teaches.

If you haven’t applied yet for this dream hedge fund job, you’d better get cracking. November 15, 2010, is the deadline. Send applications to cv@trainingtraders.com There is apparently a new website to explain the Turtle Trader philosophy as well, at newturtleraders.com As of November 11, more than 3,500 people from all walks of life have applied.